Program allows parents to prepay college funds for children

Open enrollment for the Florida Prepaid College Plan ends Thursday. The program allows you to prepay higher education costs at this year's plan prices.

Troy Capers knows firsthand the benefits of having college tuition paid for because his parents enrolled him in Florida Prepaid when he was a baby.

"I get to experience college without having to worry about trying to work however many jobs and all those sort of problems," the University of North Florida student said. "I can focus on my education, which is what I'm here for."

Another UNF student echoes the sigh of relief.

"Kids that I know, my friends, they are like, 'Well, college is too expensive. It went up all this,'" Taylor Levitan said. "But for me, I know that it's paid for already, and I'm like really grateful and lucky to have that."

Besides tuition, there's housing, books, supplies and other expenses. Students say that's why it's nice to at least have one thing less to worry about. Plus, some prepaid plan options will help you cover those costs if you choose.

Also, if students get grant money or scholarships, the money from Florida Prepaid goes back to them to cover books and other things they need.

And if your child decides college isn't for them, you get the money back.

Financial planner Joe Krier said although it was a better deal a few years back, it's still a great way to save and plan for your child's future.

"Now they are adjusting the cost for inflation, but it's still better to pay a little bit each month when your child is born than to start saving when your child is in high school," Krier said.

The program basically sets up a college savings fund, and you have a set monthly payment until your child goes to college. By doing that, you lock in the current price for tuition and it's interest free.